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moment in italy. berlusconi has announced he's creating a new center right grouping. meanwhile, mario monti has been accused oversimplifying solutions during the fiscal crisis. carolin is joining us now from rome. do we expect more of this rhetoric today? >> oh, definitely. not just today, but specifically over two months. elections will only be held probably on february 24th. we've got about two months of the silly campaigning season to follow. so yes, as you said, the verbal exchange is definitely heating up. it started with mr. monti's response criticism coming from officials about his renewed request for the prime minister post yesterday. he said this criticism was out of place. it was offensive not just for him, but also for all of the people in italy who have the freedom to vote. this morning, he did an interview with one of the channels here in italy and he said, i don't really care about this spread because the spread is based on fraud. that's the direct translation. meanwhile, if you take a look at the spread, they are moving higher again. 4.9%. italian equity markets are mov
's available to lead italy. he'll run for office in the upcoming election, but only for a party willing to push his agenda. >>> but he has competition in the form of sylvia berlusconi. he tells cnbc he feels a responsibility to run. >> feel the need to return to the political arena to prevent the country from being delivered into the hands of a leftist party. >> and the crowds are out, the stores are ringing up those sales, but u.s. shoppers may be running low on holiday spirit. and analysts say that they're spending less, as well. hi, everybody. welcome. merry christmas out there. thank you for joining us here on the show. what we're looking at today, we've got slightly quiet markets ahead of the u.s. open. what we're seeing, though, that all the markets are being called lower across the board stateside. the dow is being called a bit lower, nasdaq is being called a bit lower and the s&p 500 being called down by a bybit, as well. we saw markets coming off on friday stateside. pretty significant drops, as well, given that we now seem to be a clashing of heads between the republicans and the demo
secretary general could get heated. >>> italy likely to see a strong uptai uptake thanks to supply reductions before year end. >>> and let's twist again. the fed set to announce a fresh around of bond purchases to match the outgoing twist program at the end of the year. >>> the international community blasts north korea after it successfully launches a long-range rocket, prompting an emergency u.n. security council meeting. >>> all right. a very good morning to you. we are going to be on to opec later. we've got the latest i.a. data out this morning. they're saying global oil demand projected around 90.5 million barrels a day. more than forecast. they say non-opec production bouncing back. an something bit. they're saying opec crude supply inched up in november led by higher output from saudi arabia. >> i think we'll have to call this today the case of the two oil reports. we have the opec report that they put out ahead of the meeting showing different figures from what the iea is saying. >> they're saying saudi arabia figures saying we produce less. now the i.a. saying they produc
. as for the action in europe, really, the action focuses on italy where there's an impending political regime change. more on that in just a moment. the road map starts at the golden arches. mcdonald's blowing out expectations for november sales after the dismal drop in the month of october. hoping to fuel the rise, the bacon/onion/cheddar sandwich. >> there's one thing for certain, taxes on top earners are going up. >> turmoil in italy. berlusconi throws his hat in the ring. retail sales numbers out of china, hoping the economy is in fact on an upswing. >> apple, enthusiasm. jeffreys trimming its price target to 800 from 900, as apple shares do trade lower in the pre-market. we'll start with mcdonald's, posting better than expected november same-store sales, global comps up 2.4. u.s. same-store sales up 2.5, offered by breakfast offerings, including that cheddar/bacon/onion sandwich, as melissa mentioned. jim? people are saying the u.s. maybe is making a turn here. >> i find mcdonald's is levered to new products, levered to menu technology. they do invent things. my hat's off to janet. they had thi
closing at 12:30. the nordic markets all closed for trades today. italy closed for trade. the smi closed for trade. we've got the ftse 1100 a couple of points higher. the cac and the ibex 35 just off marginal marginally, as well. i would like to show you what type of performance we've had on a year-to-date basis. rising somewhere in the region of 15% since the beginning of this year. you will note that we have had had a bit of a rally heading towards december. the question is whether we'll see that continue into next year. looking at a slightly broader base, the 600 index here, year-to-date higher by 15%, as well. europe's largest economy, the german market seeing some pretty significant gains as well as the dow jones stocks 50 up by 50%. so this brings its up, can it really continue next year? that's when you want to glance at barons, indicating over the weekend you could be looking at a rally. 20% next year. they singled out a number of stocks that they mentioned next year. by the way, andrew one look like one of the little elves in denmark dressed in my parents' garden. it's very swee
decliners well outpacing advancers. the ftse mib in italy down .6%. the ibex down .4%. the dax selling off .5% lower than yesterday. same goes for the ft. if it is, down .8%. 5909. how quickly we've gone from talking about 6,000 to talking about 5,900. the german bund rallying. same goes for the uk. we're seeing a rotation into safety, out of risk and out of spain and italy. about 4.5% for italy. thin trading in markets is exacerbating the move that we're seeing as we approach the year. today, the austy dollar is weaker against the u.s. dollar by about .4%. proxy there for global growth prospects. the dollar/yen is weaker by about .25%. this as markets digest the news out of the boj and gauge whether they'll be successful in boosting inflation ultimately. the euro/dollar, 1.3221. so for trading in asia, just how japan, china and the rest have been affected by fiscal cliff news, diedra morris is join onning us with plenty more. hi. >> hey, kelly. it was a bit of a rude awaking. a lot of these indexes were on their way to gains and then we had the fiscal cliff setback. we had news that john
that means but italy has its own laws as you know, probably as well as anybody. but he wants -- he'd like to continue to run the show because he feels just like mario draghi that he's been very successful and he can't let go of the reins. now i understand that. but he doesn't want to run. >> he's been very successful and he tells us about that. >> right. >> he had his july 26th surprise between him and mario draghi but in the end as you pointed out off camera he doesn't want to lose. he's not going through the process in a way where he can lose. basically if you appoint me i'll take it. >> right. >> i think president obama or any politician in the u.s. would love to have those terms up. >> right. he wants the terms. no election. i don't want that process. i don't want the feeling of rejection but i'd like to continue in this path. italy has to make a decision and i think the big money will line up behind him. we see the reactions when berlusconi was on the rise for those two days the bond market got trashed again in italy and he's been out there talking this morning anyway. >> switching g
seeing signs of stress again with the concerns about leadership in italy, and problems in greece, and should we pay attention to that than the fiscal cliff discussions? >> well, you know, right now, doesn't seem like the market is paying attention to that right now. it reminds me a lot of september, before the election, when the s&p's rallied. everything was con taped. we were worried about central bank, liquidity, numbers okayed here, heating up in china. people thought europe was contained, and it feels that way now. people looking past the headlines whether it's the fiscal cliff or europe. i mean, there's a lot of doom day sayers out there, and it makes sense, but it seems like everything right now is contained, and the trade is up to the upside. david: right. liz mentioned the fed decision coming up, should be hearing about it tomorrow. what's the market expecting from the fed? in what way will they be excited or disappointed? >> well, i think the market, if you look at the options market, the flows into the ten year treasuries, it's implying 85 billion per month. the reason
through this organization in europe, it's much easier to come to a coordination between italy, france and spain that if we had little representative. so europe with this model of collection societies is making it much easier to implement in other countries. >> and what do you expect this to mean for the music industry as you look ahead as you've cleared this obstacle? >> our aim is to make sure that the digital music market is developing. take the work of people talking to the consumer and what we want is to make our content more available so that they can stimulate more the market and give some interesting value to the consume are. so our aim is to make the digital market growing even faster. >> and what model did you have in mind if any or did you have to create the model here? >> well, you know, we are here to make sure that all digital platform -- we are here to support them. so whatever the models they ca imagine, we're here to find a way to find the connection between our consumer and creators. we're here to facilitate and make sure at the end the music market is growing again.
and that is a game leapfrog. we end up with more debt and a weaker economy. the road map is greece, italy, spain, all over europe but the president thinks you can tax-and-spend your way to prosperity. >>neil: what the administration throws back on the issue is take a look at italy and greece, austerity has worked. you say what? >>guest: they have a strange definition. alwaysst either to them means higher taxes in europe and the united states austerity means less spending. i am in favor of the right definition of austerity. the balkan countries got out of the mess and now they are doing well economically because they cut, not just cut spending in the washington sense of increasing it at a slower rate they spent less one year after the other and now they are out of the trouble. if you understand the right definition of austerity is the way to go, the problem is in most of europe it means higher taxes, obama wants to give us the bad part of europe, without the good part. >>neil: thank you very much. they are not cutting anything. just slowing the growth. rebound and former president bill clinton hitting
as a boost to the credibility of north korea's new leader, kim jong-un. >>> italy has pulled itself out of the debt crisis. monte is widely credited with saving italy from a financial meltdown after stepping into the prime minister's role following the resignation of silvio berlusconi last year. monte's resignation sparked concern. >>> president obama and members of the senate will gather later today to say good-bye to one of their own. senator daniel inouye who represented hawaii in statehood. he was 8. senate majority leader senator harry reid has called on neil abercrombie to quickly appoint a successor before the end of the year. >>> ted kennedy jr., son of the late edward kennedy is considering a run for john kerry's senate seat, according to his brother former congressman patrick kennedy. "boston globe" reports that ted reached out to family members, friends and prominent democrats including john kerry about the possible run. he will likely faceoff against former senator scott brown who lost his seat to elizabeth warren in the november elections. those are your top stories. "relia
%. what we saw was the recession expanding. spain, italy, the uk, all found austerity taking its toll even more as unemployment continued to rise in some of those countries. even the large country, the economic powerhouse germany found its slelf slowing down. the root cause of it all was the inability of the european governments to come to policies to get growth started again. towards the middle and end of the year they did, but the tale was style there. very much austerity again and again. perhaps if there was only one change that took place as we moved into the fall and into the winter. it was the realization that most of these countries could take no more austerity. social welfare having been cut, health care cut, unemployment, growth virtually nonexistent. now the talk is not of more austerity, but how to get growth started again across the contine continent. suzanne. >> thank you, richard. >>> christmas, of course, is a time of giving, but there are many struggling families in boston that couldn't aafford to get their children he anything. this year for almost six decades help kamt no
than the united states. i mean, countries like spain, italy -- >> the austerity policy. when you look at the country -- >> countries like spain and italy -- >> i'm talking about the labor market adjustments. >> they have seen 20%. that's a problem. >> i'm sorry. i didn't hear -- what did you say? >> spain, italy, unemployment around 15, 20%. >> of course they do. >> juliet, hang on, because it is connected to the german point. part of the reason that germany has been able to have export-led growth and be so successful internally, germany is the china of europe. >> i realize that. i made that point about 20 minutes ago. you add shock at the beginning. i'm not talking about the later stage of austerity and self-imposed pain, which is what europe is dealing with right now. but if you look at the ocb adjustment to the downturn and the u.s. has a huge g and p adjustment and loss of unemployment where a lot of these other european countries adjust on hours and their unemployment doesn't go up. that's the only point i was making. >> adjust on hours meaning you get something more like job sha
's happening with italian politics. of course, mario monti saying he was going to resign as italy's prime minister. that paves the way for flesh elections to be called in the beginning of next year. yesterday, we saw the negative reaction. sylvia berlusconi wants to make his return on the political scene. today, we saw a bounce back. if you can see see bind me, the bank stocks in italy rerebound, but it's only in the range of .5% to 1% of these names which were down in some cases nearly 10% yesterday. if you take a quick look at european bourses, if that's possible, down near the ftse mib, this is the one selling off somewhere in the range of 3.5% yesterday. today it's adding about .8%. in spain, showing a nice rebound. same attitude listing peripheral debt. we can take a look there. italy and spain seeing prices rise, yields falling to 4.75% and 5.75% respectively. is investor attention returning to spain? here is the thing. italy is the third biggest government debt market in the world. it's the third biggest economy in the eurozone. whatever happens with its political situation could p
was supposed to come to market. italy, oh, my, what happens when italy -- it turns out you had to take it down. i know that john corzine, very controversial figure. that's a code word. but what a trade they almost had. in the news again today. >> almost. >> horseshoes, hand grenades. >> we should point out, gm was certainly not having the easiest of times of it. this morning's stock is up sharply, we're telling you why. the company will buy back at a premium to at least what was the market price as of yesterday, 200 million shares from the government at $27.50. that having the effect of sending the stock above that. why not, if you're gm, you've got all this cash sitting on your balance sheet. you're earning virtually nothing on it, why not take the opportunity, even at a premium, to buy it back by as much as 11%, shrinking the cap by that much. we heard from tim massad who runs t.a.r.p., they'll be dribbling out the shares over time. the next 12 to 15 months. similar to the strategy employed with citi. a bit of it coming out. and finally they cleaned it up with a few big blocks. >> that was v
the merchants they're commenting on. >>> trial began monday in italy for superstar fashion designers. they're charged with tax evasion. they deny any wrongdoing. >>> finally, it may be the only time you smile about a story on the fiscal cliff. you need to check out this youtube video of a little boy glued to the animation used by our friends at cnbc. [ laughing ] >> that's the great thing about kids. you can leave him there for 15 minutes. he'd be all set. >>> one of the coolest down hill skating races you'll see this year. plus, bofrming legend mohammed ali receives the biggest award in boxing history. that's next. [ male announcer ] this december, remember -- ♪ you can stay in and like something... ♪ [ car alarm deactivates ] ♪ ...or you can get out there with your family and actually like something. ♪ the lexus december to remember sales event is on, offering some of our best values of the year. this is the pursuit of perfection. time for citi price rewind. because your daughter really wants that pink castle thing. and you really don't want to pay more than you have to. only cit
around the world in socialist countries. yes, italy is a socialist country, as is every country in the world, the united states of america where the movement toward marge equality is far less sociallistic than many countries where it is mayis mak little or no progress and the guys who have taken a life time vow have proven again that they know nothing about marriage. and they prove that they don't know much about socialis many either. copd makes it hard to breathe, but with advair, i'm breathing better. so now i can be in the scene. advair is clinically proven to help significantly improve lung function. unlike most copd medications, advair contains both an anti-inflammatory and a long-acting bronchodilator working together to help improve your lung function all day. advair won't replace fast-acting inhalers for sudden symptoms and should not be used more than twice a day. people with copd taking advair may have a higher chance of pneumonia. advair may increase your risk of osteoporosis and some eye problems. tell your doctor if you have a heart condition or high blood pressure
. the catholic church wants to pretrend it has thrived around the world in socialist countries. yes, italy is a socialist country, as is every country in the world, the united states of america where the movement toward marge equality is far less sociallistic than many countries where it is making little or no progress and the guys who have taken a life time vow have proven again that they know nothing about marriage. and they prove that they don't know much about socialis many either. [ laughter ] smoke? nah, i'm good. ♪ [ male announcer ] every time you say no to a cigarette, you celebrate a little win. nicoderm cq, the patch with time release smart control technology that acts fast and helps control cravings all day long. ♪ quit one day at a time with nicoderm cq. i just finished a bowl of your new light chicken pot pie soup and it's so rich and creamy... is it really 100 calories? let me put you on webcan... ...lean roasted chicken... and a creamy broth mmm i can still see you. [ male announcer ] progresso. you gotta taste this soup. ♪ [ male announcer ] this is karen and jeremia
because spending cuts are not working out for italy's government. prime minister mario monti announced he would resign after losing support over his austerity moves. a return of political instability there reminds us that europe still faces a lot of hurdles before it comes out of its economic crisis. countries like greece, spain and italy have been tackling their problems with sharp cuts in spending and higher taxes and that's been fueling recession and unrest. meanwhile, we now know that japan officially slipped into its own recession over the summer with the japanese economy contracting 3.5% between july and september. now, the previous quarter, the previous three months number was also revised lower and that makes for two consecutive quarters of negative growth and that's the classic definition of a recession. from asia, back to america, literally, a group of chinese investors agreed today to buy an 80% stake in aig's aircraft leasing business. back in 2008, the insurance giant was bailed out by the u.s. government to the tune of $180 billion. four years on, still paying back the money
, guess, take a guess. it is a greece. tracy: i was going to say italy. i really was. ashley: they're not far behind. annual corruption index says all the countries embroiled in financial crisis top the list in europe, spain, portugal, yes, operationsy, italy. it measures the perception of the corruption in the public sector. as the most corrupt nations in the world. here we go. afghanistan, north korea, and somalia top the list. on the other side of the spectrum, countries with least perceived corruption, denmark, fin left-hand and new zealand. where does the u.s. rank? 19th. tracy: nobody lives in those countries. ashley: what they do is very simple and very clean. tracy: very blond. ashley: very blond. definitely in denmark and finland, that's for sure. tracy: the dark skin, the dark eyes. we're all evil at heart. ashley: that is the quote of the day. thanks, tracy. i didn't say that. tracy: all right. quarter after. come on. right? think about it. as we do every 15 minutes we check on the markets, nicole petallides on the floor of the new york stock exchange. from the most corr
or french or italian you remember from high school. say you are in italy and you see formaggio marcio on the menu. and no, i have no idea if i pronounced it right, that's why i need an app. so you think this is a cheese and it is a cheese, a cheese with live maggots in it. a civilian delicacy, but one you did not mean to order. if only you knew what it meant. there is a menu app for policy. there is one at the washington post, sorry, i have to do my plug. you may have heard a term floating around washington, tax reform. when politicians get specific, quote, base rodding and he rate reform. it is bieber and honey boo boo and gangnam style all rolled into one. >> when ronald reagan ran for office he laid out the principles he was going to foster. he said would he lower tax rates. he said would he broaden the base. those are my principles. bring down rates. broaden the base. simplify the code. and create incentives for growth. >> we're willing to accept some additional revenues via tax reform. simpler, cleaner, fairer tax code with fewer loop holes and rates for all. >> in simpson-bowles
. europe's economic problems are straining ancient fault lines. northern italy recent having ineffective bailout of neighbors. there's an irony. if you apply that across the continent, the eurozone itself would fall apart, perhaps starting with the departure of germany. by the way, if we applied that logic in america, states like new york, california, connecticut could point out they in effect subsidize states like alabama, mississippi, montana, states ironically the most fervent advocates of state rights and small government. >>> up next, we'll take you into the heart of darkness, one of africa's most troubled nations has taken a turn for the worse. back in a moment. who do you think i am, quicken loans? at quicken loans, we'll provide you with myql mobile. this amazingly useful app allows you to take pictures of your mortgage documents using an iphone or android smart phone... so you can easily send them to us. one more way quicken loans is engineered to amaze. ooh, la-la! one more way quicken loans is engineered to amaze. music is a universal language. but when i was in an accident...
there are two that we're watching for american investors. one is greece, one is italy. the developments today are both good from an american investing perspective because they keep a lid on what's happening in those two respects. in greece there was trouble on the streets of athens last night as a result of left-wing protesters and students out and police using tear gas to disperse them as they protested the death of a teenager as a result of a police shooting four years ago, but the more important thing from a market perspective is that in 30 minutes' time now, the book will close on the greek debt buyback. now, remember what's happening here. the greek government is borrowing 10 billion euros from the rest of europe to buy back its own debt at a discount. if it does that successfully, by midday our time when that book closes, then more cash will flow through from the rest of europe, possibly next week it will be able to repay its bills and capitalize on the banks. let's check the close. >> the european markets are closing now. >> so we kind of went nowhere today. a lot of these markets in e
a little foggy, looks to be a beautiful morning there. we start with this, italy's former playboy billionaire is going to run for office again. he resigned about a year ago. mario monte runs it now, but says he will step down when the budget is passed. berlusconi's turn started a year ago. >>> north korea saws a launch is designed to get a satellite into orbit. >>> the syrian rebels are taking an important step. while the fighting will rages, hillary clinton is getting ready to meet with a group of countries supporting the rebels. this would be washington's first step to formally recognizing the opposition government, something france and britain have already done. the army is moving to unify it's command structure to make thorough is has a more educative fighting force. this morning, nelson mandela is in the hospital, jacob zuma paid him a visit, and said there is no cause for alarm. >>> susan, as you can imagine, south africans are holding their collective breath, their very worried about their beloved former president. they call him father in one of the native languages, they a
with italy up by about .2 of 1%. >> we'll do our best to keep focused on the business day. we'll be following the tragic shooting in connecticut, of course. the new york stock exchange will hold a moment of silence to honor the victims in the next few moments, and we'll be looking at the president's call for meaningful action and the politics of gun control. >> let's get to a road map for this morning. it starts with apple. under pressure once again. even dipping below $500 a share at some point this morning. shares will remain range bound near term. iphone 5 sales and cannibalization among the region. >> other concessions from the gop, the speaker proposing tax hikes for millionaires. could this be the tipping point. moving the talks beyond deadlock. >> a big week for earnings. yes, earnings. fedex, research in motion among the companies reporting. so finally maybe we'll be talking about fundamentals in the stock market more than just the cliff. we've got to talk about apple reversing its move lower this morning, sold more than 2 million iphone 5s in china. the best debut for any iphone in t
. the crisis in europe is going to get dramatically worse in portugal, spain, italy. there is dysfunction in the european union. that's one place to look. that's going to encourage russia to make moves of its own, you mentioned south africa. south africa is not going in a good direction, it's supposed to be the most optimistic spot on the african continent. so i don't see many bright spots, maybe new zealand, but some say that even new seeland-- >> still ahead, counting to obamacare. big changes could be coming in 2013 for you and your family. thanks to the president's health care overhaul. we'll tell you what to expect when we come back. [ male announcer ] truth is, dayquil doesn't treat that. really? [ male announcer ] alka-seltzer plus fights your worst cold symptoms, plus it relieves your runny nose. [ breathes deeply ] awesome. [ male announcer ] yes, it is. that's the cold truth! >> well, get ready, america, for the arrival of obamacare, some key provisions of the president's mammoth overhaul kick in come january and joe is here to tell you what to expect. or as we call the bill, j
. in portugal, spain, italy, there isening political dysfunction. that is going to encourage russia to make moves of its own. you mention south africa, south africa is not going in 'n a good direction. it was supposed to be the most optimistic spot. maybe new zealand but somebody told me they are heading south. >> paul: coming down to obamacare. big changes may be coming for 2013 for you and your family thanks to the president's healthcare overhaul. we'll tell you what to expect when we come back. ly? [ male announcer ] alka-seltzer plus fights your worst cold symptoms, plus it relieves your runny nose. [ breathes deeply ] awesome. [ male announcer ] yes, it is. that's the cold truth! time for citi price rewind. because your daughter really wants that pink castle thing. and you realldon't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it findone, you get refunded the difference. just use your citi card and register your purchase online. have a super sparkly day! ok. [ male announcer ] now all youeed is a magic carriage. citi pri
a month. a month. yes. a month. >> that's crazy good that's crazy, yeah. italy. he does get to keep their home. the couple divorced because of his fondness for women, especially younger women. berlusconi is engaged to a 27-year-old woman and is nearly 50 years older. wow. 4 million buck as month. i'm stuck on that one. >>> dr. routes getting in on the fiscal cliff. you have to love that one. that's it for me. i'm taking off for vacation. [ male announcer ] this is amy. amy likes to invest in the market. she also likes to ride her bike. she knows the potential for making or losing money can pop up anytime. that's why she trades with the leader in mobile trading. so she's always ready to take action, no matter how wily... or weird... or wonderfully the market's behaving... which isn't rocket science. it's just common sense. from td ameritrade. a body at rest tends to stay at rest... while a body in motion tends to stay in motion. staying active can actually ease arthritis symptoms. but if you have arthritis, staying active can be difficult. prescription celebrex can help relieve arthr
in spain, italy, and great britain. ashley: corporate earnings, signs of weakness in the last earnings season. concernedded about that? >> i think that it's cyclical. i think there's been little signs. i think we have to get employment together in the united states. housing is starting to come back. we're -- slowly, but in the north east in particular, there's more demand, and there's less housing inventory, but in the rest of the country, we have to wait and see on that. employment is really, really the key thing, and so what comes out of all the negotiations and how we employee people, infrastructure, and all of that makes a difference. ashley: companies hunkering down, a lot of cash, but not doing in until washington gets the act together. >> means technology, for example, could be a big sector. if companies get signals from washington and go out and invest into hiring people, putting technology online, it could be great, but we're just waiting and waiting and waiting, which is why it's a cliff hanger. ashley: cliff hanger, i'm tired of saying "fiscal cliff. i'll use "cliff hanger."
to bring jobs back to indiana. i have been around. i'm bringing jobs from italy and other places. and nobody asks about right to work. give me a break. the unions helped create the middle class. the fact is that right to work states have worse education. they have worse performance, higher unemployment. the facts just don't back the governor up. this is a governor that prides himself on having the facts. >> bob king blamed the koch brothers for helping ram through this legislation. what roeld role did they play in any of this? >> there's a lot of big money involved. i see this prosperity america. that's their outfit. i see equipment and so on. i don't know how much money is flowing around. i think they are all over. you have been on this before. we have to get the big corporate money out of politics. this is disgusting. i tell you democracy is under attack. we have to get the big corporate money out. it's disgusting to think the koch brothers money can make it happen. working people are under attack. i believe there will be repercussions. >> in what way? >> the governor is making
doesn't have enough bonds to make a difference is about .5%. portugal at 7 and italy at 4.5. the point is that whether or not you or s&p or anybody else downgrades the united states is there a danger that it becomes substantially more expensive for the u.s. to borrow money any time in the future? >>. >> a lot of the borrowing costs have been masked by the purchases by the federal reserve bank, they purchase about 75% of what the treasury has issued over the past year. the bigger challenge for a lot of institutional investors with regard to the credit quality of the u.s. is entitlement reform. the unfunded liabilities are in the area of $100 trillion. depending on what type of interest rate or discount rate you use for the future liabilities. >> that's something that we have some time to address. more important than the immediate deficit reduction for a lot of institutional investors, including ourselves. >> i'm going to take it over to jim for a second. jim your firm manages money for individual and institutional investors. what have they been doing ahead of the fiscal cliff. >> good l
haven't been, italy. >> and over to the bikini shots. >> we'll be back for "gma live!" this is by a great photographer, jacques folay. you see the gondolas parked there. you couldn't see this when we were picking our favorites and not think of our dear, dear robin roberts, who is thankfully going to be taking us all back to venice with her when she gets back here to "gma." >> a special broadcast. >> you want to see this. also, a personal favorite. it's "get the led out." a beautiful, detailed history, for me, it was my band. >> really? >> this is my band. yeah. many firsts to the song you're hearing right now, "stairway to heaven." >> hmm. >> leave that on the table. >> high school slow dance song. and kennedy center honor for lifetime achievement in the arts. being given to one of the great bands of all-time. >> cars. i love cars. you can buy this book or pay the mortgage. this is the most expensive book i've seen in my life. it's $695. >> you can buy a car for that. >> if you've got it like that -- you can buy a car. the book is. it doesn't come with a car. but look
ready with unlimited support for spain and italy, when and if they sign on to oversight agreements. these are huge dramatic changes. think about how many times we've agonized over where the money would come from for bailing out spain and italy. now we know. when they sign on to oversight. >> the point is we know -- we know what the policy response already is by the ecb and the feds. so what is going to be the next catalyst to keep the markets to those new highs you're talking about? >> the next big catalyst is obviously the fiscal cliff resolution, second, you have spain sign on to oversight from the ecb. remove any possibility of spanish default and we think that lagarde is signaling that the conditions to that oversight will be a lot about labor market reforms. those are growth enhancing, so that's another great catalyst for the market. last, but certainly not least, i think you could see the new leadership team in china come more aggressive reform program than people are expecting. >> all right. michael, good to have you. >> thank you so much. >> michael jones of riverfront. >>
backyard is not okay. >> we start this morning with breaking news from italy. >> a massive cruise ship, the ""costa concordia"" turned on its side after running aground in january. 32 passengers and crew were killed. the captain says it was an accident, not a crime, but he now faces charges. the ship's captain is being investigated for manslaughter and abandoning ship. he claims he tripped and fell into a lifeboat. the sentencing of jerry sandusky. >> carol, jerry sandusky will die in jail. >> a judge sentenced the 68-year-old former penn state assistant football coach to at least 30 years in jail after he was convicted of 45 counts of child sex abuse. despite the mounting of evidence against him, sandusky continues to proclaim his innocence. he's in the process of appealing his sentence. number three, the shooting of unarmed 17-year-old trayvon martin. >> my son left sanford, florida, in a body bag while george zimmerman went home to go to sleep in his own bed. >> accused gunman george zimmerman claimed self-defense in a case that sparked international outrage, and ignited racial tens
into another recession. thirty-two people dead, including two americans off the coast of italy. when the cost of concorde a cruise ship runs aground >> more than 79 people killed and 8000 injured. a district court says that they would like to oust president hosni mubarak to life in prison. and mohammed morsi, of the muslim brotherhood party takes charge for it in november, he grants himself absolute power that brings thousands of protesters to the streets of cairo, egypt. three members of a russian all-female punk band stage a protest against vladimir putin are sent to jail for hooliganism. inciting worldwide protest and demand for the release. rupert murdoch launches into the successor role of news of the world. president bashar al-assad and a cease-fire agreement, negotiated by former u.n. secretary. tens of thousands of people killed since march of last year. the death toll continues climbing almost daily. green on blue insider attacks increasing in afghanistan. one in 50 u.s. and international soldiers killed this year by their afghan partners. it is pop and circumstance for great britain
of peanut butter and some scuba gear. >> at italy's mt. etna, it is erupting right now. >> magma. >> speaking of. >> sam, i know you're a teen model. >> i was a teen model. i'm just saying. i was a teen model. just saying. i was a teen model. just saying. >> are you okay? >> we have another hour left. >> namaste. >> namaste. >> namaste. >> george stephanopoulos. george stephanopoulos. george stephanopoulos. >> what does that mean? >> that's a good one. >>> this is the josh/sam bromance. >> i love you, sam. >> with these two dancing in the window. >> i love you, josh. >> high-ten, sam. the ball comes in, like that. >> i'm singing and laughing -- >> -- in the rain. >> um -- >> peekaboo. >> everything's better with bacon. >> josh, would you do an interpretive moan? >> yes. >> that was awesome. >>> we got game. >> please name this tv theme song. >> oh. >> yeah. >> bye, guys. >> my buzzer doesn't work. ♪ >> go. robin? >> "friends." >> he's going to do it. he's going to -- oh. >> all right. amy -- >> let's go. >> yes. yes. yes. >> hey. >> i'm going to head out. >> here she comes, 44t
is not okay. >> we start this morning with breaking news from italy. a massive cruise ship the costa concordia turned on its side after running aground in january. 32 passengers and crew were killed. the captain says it was an accident, not a crime. but he now faces charges. >> the ship's captain is being investigated for manslaughter and abandoning ship. >> he claims he tripped and fell into a life boat. the sentencing of jerry sandusky. >> carol, jerry sandusky will die in jail. >> a judge sentenced the 68-year-old former penn state assistant football coach to at least 30 years in jail after he was convicted of 45 counts of child sex abuse. despite the mountain of evidence against him, sandusky continues to proclaim his innocence. he's in the process of appealing his sentence. >>> number three, the shooting of unarmed 17-year-old trayvon martin. >> my son left sanford, florida in a body bag while george zimmerman went home to go to sleep in his own bed. >> accused gunman george zimmerman claims self-defense in a case that sparked international outrage and ignited racial tensions. the trial i
grenade. oh, well. our premature exhilaration of the year. ricardo russo in italy celebrating his win. way to go. except for one minor detail. there was one lap to go. he finished 14th. our rabbit ears of the year in daytona. the music intern playing "three blind mice" for the umpires. not amused. throws the music guy out of the game. you're out of here. and here's our shot of the year. michael phelps decided to take up golf. he had this little gimme putt in scotland. ♪ >> wow. >> seriously? crazy. >> that's just not fair. he can't be good at everything. >> he has to be our athlete of the year. is there anything he can't do? >> he's incredible. >> clearly he should try golf next. >> thank you, lenny. >> never seen an organist thrown out of a game before. >> everybody, three cheers for lenny. >>> coming up next, "today's" take three. >> this is wbal tv 11 news today in baltimore. >> good morning. i am jennifer franciotti. negotiations between the longshoremen and the u.s. maritime alliance are not going well. port workers could go on strike if an agreement is not reached sunday support --
] the charmed memories collection at kay jewelers. each charm is hand-crafted in italy, and with hundreds of charms to choose from, the possibilities are endless. turn your special moments into charmed memories. one more reason kay is the number one jewelry store in america. these are for me, right? ♪ every kiss begins with kay >> a mix of rain andn sleet then changing over to all rain. icy roads >>> natalie and willie, over to you. >>> thank you, maria. coming up are you being watched? why the mannequin you're checking out at the mall could keep an eye on you. >> that's creepy. >>> a rare look inside the queen's wardrobe from her ma s majesty's royal dresser. first, this is "today" on nb mine was earned off vietnam in 1968. over the south pacific in 1943. i got mine in iraq, 2003. usaa auto insurance is often handed down from generation to generation. because it offers a superior level of protection, and because usaa's commitment to serve the military, veterans and their families is without equal. begin your legacy, get an auto insurance quote. usaa. we know what it means to serve. >
as you have a drag on the economy. you have negative growth, a recession in spain and italy this year. you also have negative growth in greece. there's only so much you can have of negative growth across the continent of europe before impact spending patterns across the world. there are positives out there but we have to be focused on the fact that these problems are not going to go away. one of every four people in spain are unemployed and under the age of 25. fifty-six% to not have a job. that is a major rest of the for disaster and the math does not work. if you try to fix a problem with negative growth and nobody working. dennis: a lesson here. one last note on the fed. what is your concern there? >> pretty simple. the fed has raised the credit market. yield and price are not real. they are buying up trillions of dollars of these bonds and i'm worried about the day when the market no longer listens to them. the market has not been bigger than the fed over the last few years. of the market gets bigger than the fed, look out. yields should be much higher than where they are and if w
much better. you throw up the bund. many areas whether you talk italy or indeed greece, rates are moving down. that isn't a bad thing for funding but it does ehave peopl look at spain saying they'll do bank bailout, old program, not country bailout new program. the correction was small. goldman says stocks are the place to be. kind of making this trade a little more true than it was on its knee jerk. if you look at putting it together. you can see we're up several basis points. still not huge. if you open it up to a one-month chart, you can see that 160 remains the pivot. it's still about europe. don't despair. i'm sure the red herring of bashing tax policy in the u.s. will get to the front page before the end of the session. >> thank you very much. let's check out latest news in energy and medals with sharon epperson. >> it's the euro that we see in euro dollar helping commodities and risk on trade across the board in the sector. the fact that we are looking at that euro dollar and above 130 level is significant. also keep in mind that we did get improving factory activity. t
way or the other, we will. >> remember when we used to talk about spain? italy? >> the good old days. spain was borrowing at 7%. >> germany went to the five-year high. we could have that, too. unlike them, our economy is not in tatters. they go five-year high on tatters. audi, good car. >> yes. good car. >> meantime, shares of costco this morning up in the premarket. warehouse retailer earned 95 cents a share in the first fiscal quarter. revenue, profit margins beating forecasts helped by rising sales. those higher membership fees did hike fees a year ago november, which doesn't happen very often. the journal today says, model looks great. the business is great. the stock is just -- people want to pay a lot of money for it, jim. >> oh, yeah, costco, those are remarkable numbers. i know you did an excellent special on coastco and it seems like the execution was impressive. people want to go there. >> as gas prices come down, that helps them, given they make it a bit of a loss leader. valuation rich for your blood. >> when you go to buy a house, you see kirkland more than any other bra
. for example italy managed to auction some debt today, the longer end of the market. and there was no great move. can we have a look at that? there was no great move of the ten-year yield as a result. maybe we'll come back in a moment. let's just focus on the close out. >> the european markets are closing now. >> it is negative territory as you can see. the fiscal cliff of course plays a part in that taking some of those -- in many senses you could call it profit taking -- not in the case of spain where you see a major underperformance. >> let me say the german finance minister suggested he thought the worst of the eurozone crisis is now past. he said the government in athens knows it cannot financially over burden the rest of the eurozone countries and is acting as it should. he was optimistic on france as well despite the fact the data is indicating we'll still get a contraction in the third quarter, for most of the eurozone. germany's economic position is arguably deteriorating but still schauble there is relatively optimistic that the crisis is over. in the meantime what is also happeni
. with that singing. >> wa part of italy, do you know? >> cosanza is the town. it's the foot of the boot. >> not a bad part of italy. >> no, there's really not. >> bob, help us here. >> i don't know if i can. >> you've got to. >> rise above, bob. >> just explain the volatility issue at a minimum. where do we go over the next two days of trading? we have today, we have monday and obviously we don't have tuesday. >> well, i don't know that we do a whole lot. i believe markets are just on the sidelines since before the start of the holidays for the most part. i believe there were some people holding out waiting for a fiscal cliff solution. i think we're going over the cliff, but we're grabbing one of those cartoon roots sticking out as we go over it. i think it will be a matter of days before just the political pressure of going over the cliff causes them to do about a 12-month deal. it's just -- i don't know. i hesitate to say the word ridiculous, but it's just ridiculous to watch. so market participants, the short-term market participants are on the sidelines. i think we're looking at about a 12-month
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in afghanistan, what happened that got you a call from the president when you were stationed in italy? >> my unit battle company, we were in a near ambush and there was 18 of us. everyone was doing everything they could. the majority of the shooting was done by all the people around me, which allowed me the freedom of movement. the taliban were trying to take a prisoner, soldier joshua brennan was shot several times and he was still alive and they were carrying him away. as i ran forward, i eliminated the threat and i grabbed sergeant brenner and brought him back to our line, as everyone else continued to fight. it's difficult for me to sit here alone because there are so many great people that are the reason why i'm here. i didn't look out for myself. they looked out for me. and two great men lost their lives that night. >> gretchen: what was it like for you to know that you had been bestowed this amazing honor that no living person has achieved since the vietnam war? >> it kind of hurt me at first. i read the stories about medal of honor recipients and they're heros, they're men that history bo
defending on when you get deployed. we were stationed in italy to families and seeing their children who weren't born yet are walking and talking. it's the family that really is the glue that holds it together. they are one of their parents and it's not that they don't want to be there, their business takes them elsewhere. >> throws everything off. here is to jen. thank you so much. congratulations on the book. >> thank you so much. >> colonel jack jacobs, thank you as well. >> it's good to be here. it's a must read and we look forward to getting up to west point. >> soon. we'll do it. >> all the best to you. new jersey governor chris christie heads to washington to ask for billions in aid as the economic toel reaches $40 billion in his state. tdd#: 1-800-345-2550 let's talk about low-cost investing. tdd#: 1-800-345-2550 at schwab, we're committed to offering you tdd#: 1-800-345-2550 low-cost investment options-- tdd#: 1-800-345-2550 like our exchange traded funds, or etfs tdd#: 1-800-345-2550 which now have the lowest tdd#: 1-800-345-2550 operating expenses tdd#: 1-800-345-2550 in their
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